Published on 7/19/2017 in the Prospect News High Yield Daily.
New Issue: AMC Networks prices upsized $800 million eight-year senior notes at par to yield 4¾%
By Paul A. Harris
Portland, Ore., July 19 – AMC Networks Inc. priced an upsized $800 million issue of eight-year senior notes (Ba3/BB) at par to yield 4¾% in a quick-to-market Wednesday transaction, according to market sources.
The issue size was increased from $500 million.
The yield printed at the tight end of the 4¾% to 5% yield talk and inside of initial guidance in the 5% area.
Citigroup Global Markets Inc. was the left bookrunner. BofA Merrill Lynch, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, BNP Paribas Securities Corp., Fifth Third Bank, Scotia Capital, SunTrust Robinson Humphrey Inc., U.S. Bancorp Investments Inc., Wells Fargo Securities LLC and Goldman Sachs & Co. were joint bookrunners.
The New York-based cable network developer, owner and content provider plans to use the proceeds to reduce its existing $1.2 billion term loan A due 2019.
| Issuer: | AMC Networks Inc.
|
| Amount: | $800 million, increased from $500 million
|
| Maturity: | Aug. 1, 2025
|
| Securities: | Senior notes
|
| Left bookrunner: | Citigroup Global Markets Inc.
|
| Joint bookrunners: | BofA Merrill Lynch, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, BNP Paribas Securities Corp., Fifth Third Bank, Scotia Capital, SunTrust Robinson Humphrey Inc., U.S. Bancorp Investments Inc., Wells Fargo Securities LLC, Goldman Sachs & Co.
|
| Coupon: | 4¾%
|
| Price: | Par
|
| Yield: | 4¾%
|
| Spread: | 267 bps
|
| Call: | Make-whole call at Treasuries plus 50 bps until Aug. 1, 2021, then callable at 102.375
|
| Equity clawback: | 35% at 104.75 until Aug. 1, 2020
|
| Trade date: | July 19
|
| Settlement date: | July 28
|
| Ratings: | Moody's: Ba3
|
| S&P: BB
|
| Distribution: | SEC registered
|
| Price talk: | 4¾% to 5%
|
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